The golden years beckon, and with them, the thought of a comfortable retirement. But do you know if your savings are up to par as you approach the age of 60? Fortunately, if you start a search online, you can find out if your financial retirement plans are on track!
Why Age 60 is a Critical Checkpoint
As you hit the 60-year mark, it’s an opportune moment to evaluate your financial position. With retirement just around the corner, understanding where you stand can help in crafting a peaceful post-working life. Some experts advise that you have about eight times your current salary stored away for retirement by the age of 60.1
Curious about how you compare to others? Look up some retirement savings averages to see where you fit. Remember, it’s never too late to make adjustments or seek advice.
What Your Savings Say About Your Retirement
By now, your savings should be giving you a snapshot of your future lifestyle. If they seem a little thin, don’t panic! There are ways to beef them up even in the late stages.2
Websites and tools that provide financial retirement calculators can give you an idea of how much more you need to save. And if you’re unsure, a financial advisor can be a beneficial resource to tap into.
Exploring Post-Retirement Income Sources
Besides your savings, there are other avenues to ensure a steady income post retirement. Have you looked into social security benefits, or perhaps a pension if it’s available to you?
It’s also worth researching potential passive income sources or part-time job opportunities tailored for seniors. Many online platforms discuss post-retirement work opportunities that can be both enjoyable and financially rewarding.
Keep Financial Retirement in Your Sights
Approaching the age of 60 is a significant milestone, not just in years but in preparing for the next big chapter: retirement. By understanding where you stand with your savings and exploring additional income avenues, you’ll be better positioned for a comfortable retirement.
As with all things related to financial retirement, knowledge is power. The more you learn and research online, the more empowered you’ll feel in making informed decisions for your golden years. By being proactive, you can chart a course for a fulfilling retirement ahead.
